Talking to Lao Dong reporter, Mr. Nguyen Van Quyet (43 years old, selling an old apartment in Hoang Mai district, Hanoi) shared that his family bought a 66m2 apartment in 2018 for nearly 1.1 billion VND, equivalent to 16 million VND/m2.
In July 2024, Mr. Quyet sold this apartment for 2.6 billion VND to buy a house in the alley, about 1.5 billion VND more than when he bought it.
"Because I no longer needed it, in July 2024 I sold my apartment in Hoang Liet ward for 2.6 billion VND. Although I don't have a pink book yet, the buying and selling of apartments here has been quite active recently," said Mr. Quyet.
According to Mr. Tran Hoang (real estate broker in Hanoi), currently, many apartments in Hanoi, even though they have been used for 5-7 years, can still increase in price by about 20-40%.
Even the price of apartments without pink books is still increasing continuously and is still being bought and sold normally.
Statistics from the Ministry of Construction recently showed that in the third quarter of 2024, apartment prices in Hanoi continued to increase in both new and old projects, with new project prices increasing by about (4-6%) quarterly and (22-25%) annually.
Notably, in the market segment of affordable apartments (with selling price under 25 million VND/m2), there are almost no transactions and products for sale. Mid-range apartments (with prices from about 25 million VND/m2 to under 50 million VND/m2) still account for a high proportion of transactions and supply in the market, the remaining order is luxury and super luxury apartments (with prices over 50 million VND/m2).
Explaining the continuous increase in the apartment segment, Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - emphasized that the main reason is that the supply of apartments in Hanoi in recent years has become scarce.
Analysts say that due to the limited number of new apartment projects, while market demand is constantly increasing, the product structure in the real estate market is increasingly unbalanced, causing apartment prices to be pushed too high, exceeding the average income of the people.
Besides, input costs such as construction materials, capital, and labor are increasing, making it difficult for housing prices to decrease in the short term.
Many real estate experts believe that apartments without pink books are the choice of investors with limited finances. However, despite the price advantage, buyers need to consider legal factors that can reduce the value of the apartment. When notarizing, both parties need to present the most recent sales contract and the sales process must be approved by the investor.
